Purchasing Solar Panels
Pros of Buying Solar Panels
Tax credits: If you own solar panels you may qualify for the current government credits and rebates . Check out local and federal regulations to determine if tax rebates are available to you.
Payback: Solar panels may end up paying for themselves. Depending on how much energy you use, and how much you pay for your solar energy system, you may be able to recoup your investment through increased property value and potential utility savings.
Cons of Buying Solar Panels
Maintenance: If you own solar panels, you’re responsible for scheduling maintenance and dealing with any issues that may arise.
A lengthy timeline: While you may eventually be able to recoup your investment costs through energy savings and increased home value, it may take several years—you won’t see positive returns overnight.
Leasing Solar Panels
Pros of Leasing Solar Panels
No down payment: If you lease solar panels, you generally pay $0 down—simply pay your solar panel leasing company to use the system.
No maintenance: Typically, the solar leasing company takes responsibility for all repair and maintenance issues, which can mean your system is hands-off.
Cons of Leasing Solar Panels
No tax benefits: Because you don’t own the solar panels, you don’t benefit from government tax breaks and credits—your solar leasing company does.
Potentially Reduced Savings: Some solar leases contain an escalator clause that may reduce your savings, as payments increase by 3 percent each year. If the cost of energy doesn’t increase at the same rate as the contracted lease payments, you may lose savings.
Prime Solar Energy Is Here To Help!
As you consider whether solar panels are a sound investment for your home, make sure you take into account cost, warranty, longevity and overall efficiency, but just know Prime Energy Solar will be here to help guide you thru the process. So the next time you are search solar company near me or solar panels near me, click on the local leader of Solar Polar Installation, click on Prime Energy Solar.